It also cast the spotlight on TFG’s benefits for Polygon, first as a generator of massive fees, and more recently as a co-investor with Polygon in a real-estate venture.

Little-known TFG was floated by Polygon on Euronext Amsterdam in May 2007 to invest in structured credit, around the same time several other hedge fund groups and private equity firms were setting up listed vehicles as a new way to generate fees. Its market cap is now around $865 million, with the shares trading at a large discount to the roughly $1 billion net asset value of its portfolio.

TFG on Monday said Jackson, a former Polygon principal and co-founder who helped set up Tetragon, was voted out by the other directors because of his “conduct” since TFG agreed last year to invest $110 million in GreenOak Real Estate, a venture backed by some ex-Morgan Stanley heavy hitters with long links to Polygon. Jackson was against the purchase, it said. He couldn’t be reached to comment.

The TFG board now consists of Polygon’s other two co-founders, Paddy Dear and Reade Griffith, and four independent directors.

Without having any idea what Jackson’s objection was, the GreenOak investment did look like a bit of an odd one to anyone familiar with TFG…